To perform an 8x8 bit multiplication using 4x4 bit multipliers, first convert the numbers into binary form. Split the binary representation into higher and lower bits, then use two 4x4 multipliers to calculate the products separately. After obtaining the results from both multipliers, combine them by aligning the binary answers correctly. The initial approach presented had an error in combining the results, leading to an incorrect final answer. Understanding the process of multiplication in binary, similar to decimal multiplication, is crucial for accurate results.